THIRUVANANTHAPURAM: As many as 180 projects registered with the Kerala Real Estate Regulatory Authority (K-RERA) have failed to submit annual accounts to the authority. As the developers’ lethargy has triggered concerns among customers, the authority has issued show-cause notices to erring promoters.
The defaulters’ list is available on the authority’s website www.rera.kerala.gov.in
The Real Estate (Regulation and Development) Act 2016 mandates promoters to open an exclusive bank account for each project. The promoters have to submit an audited account of the project certified by a chartered accountant, Form 5 as it is called, before October 31 of the next year. Only 340 of the 520 ongoing projects have complied with this provision.
“We value customers’ sentiments. Those ignoring the show-cause notices will face penal action under section 61 of the RERA Act 2016,” said P H Kurian, chairman of K-RERA.